~ Market Research

4.15.13: Gold and oil sink, then keep on sinking

There’s gold in them thar hills. It’s just that no one wants it right now. Gold slumped anew on Monday, racking up its worst two-day loss in 30 years, and investors dumped stocks and other commodities after weaker-than-expected Chinese data raised concerns about the global economic outlook. Gold dragged other metals lower as its price plunged more than 9% on Monday alone, accelerating losses racked up on Friday. In the last two sessions gold has fallen more than 13%, making for the worst two days since late February 1983. Everything from official selling from central banks to a tax hike on gold exports from India to Cyprus being told to sell bullion to bail itself out are among the reasons being cited for the selloff.